Indian Markets Edge Higher; RBI Policy Decision In Focus

Indian stock markets were trading higher on Wednesday. The S&P BSE Sensex climbed 20.5 points, or 0.08 percent at 26413.24, while the Nifty50 rose 0.11 percent to 8152.05.

The BSE Midcap index gained 0.4 percent, while the BSE Smallcap index rose 0.4 percent.

The Indian rupee rose 6 paise to trade at 67.84 against the U.S. dollar on Wednesday.

The Reserve Bank of India is scheduled to announce its policy decision later in the day.

Direxion Daily India Bull 2X Shares INDL rose 2.81 percent to close at $47.17 on Tuesday, while PowerShares India Portfolio (ETF) PIN gained 1.08 percent to close at $19.63.

US stock markets closed higher on Tuesday, with the Dow Jones Industrial Average gaining 0.18 percent, the S&P500 index rising 0.34 per cent, and the Nasdaq Composite gaining 0.45 percent.

US WTI crude futures on the NYMEX dropped 0.55 percent to trade at $50.65 per barrel.

Top market movers among the BSE index are as follows

• Suditi Industries Ltd. shares gained around 20 percent to 59.75 INR.
• Archies Ltd. rose about 20 percent to 27.60 INR.
• Piccadily Sugar and Allied Industries Ltd. rose 20 percent to 11.34 INR.
• Sanghvi Forging & Engineering Ltd. shares surged 19 percent to 52.55 INR.

• GCM Capital Advisors Ltd. shares dropped around 20 percent to 6.63 INR.
• Econo Trade (India) Ltd. tumbled 10 percent to 39.50 INR.
• Pawansut Holdings Ltd. fell around 10 percent to 6.41 INR.
• Manpasand Beverages Ltd. shares declined 10 percent to 553.00 INR.